N.J. Admin. Code § 7:24A-4.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:24A-4.3 - Formal amendments to loan award agreement

(a) A formal amendment means any written alteration of any term or condition, budget or project scope or construction method or other administrative, technical or financial provision of the loan award agreement.

(b) A formal amendment shall not increase the loan amount. Any increased costs resulting from a formal amendment pursuant to (a) above shall be the sole responsibility of the borrower.

(c) The borrower shall promptly notify the Administrator in writing (certified mail, return receipt requested) of any event or proposed project change which may require a formal amendment, including, but not limited to:

1. Rebudgeting;

2. Any changes in approved technical plans or specifications for a project;

3. Any changes in the approved scope or objective of a project;

4. Any significant, changed conditions at the project site;

5. Any delay in the time for the completion of the project or any major phase thereof;

6. Any changes which may increase or substantially decrease the total cost of a project; and

7. Any changes in personnel identified in the loan award agreement or a reduction in time or effort devoted to the project by such personnel.

(d) If the Department determines that a formal amendment to the loan award agreement is necessary, it shall notify the borrower and prepare the formal amendment. If the Department determines that a formal amendment is not necessary, 7:24A-4.4 or 4.5 shall apply.

N.J. Admin. Code § 7:24A-4.3